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Unit 2-3

2-3 Equilibrium

TermDefinition
Equilibrium The point at which quantity supplied and quantity demanded are equal
Disequilbrium Any price or quantity not at equilibrium.
Excess Demand When prices are set below equilibrium. Qd > Qs. This creates a shortage
Excess Supply When prices are set above equilibrium. Qs > Qd. This creates a surplus.
Price Controls Limits on prices set by the government on certain products.
Price Floor A price control that sets the lowest possible price for a good. Only effective if set above equilibrium.
Price Ceiling A price control that sets the highest possible price for a good. Only effective if set below equilibrium.
Rent Control A price ceiling placed on rent.
Minimum Wage A price floor set on hourly wage for labor.
Surplus Same as excess supply. Happens when prices are too high.
Shortage. Same as excess demand. Happens when prices are too low.
Increase In Demand Equilibrium price increases. Equilibrium Quantity increases.
Decrease in Demand Equilibrium price decreases. Equilibrium Quantity decreases
Increase in Supply Equilibrium price decreases. Equilibrium Quantity increases.
Decrease in Supply Equilibrium price increases. Equilibrium Quantity decreases.
Created by: croper1
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